Dole raises $450 million

Perhaps we should say billionaire David Murdock raises the $450 million because he retains ownership in the Westlake Village food company. Murdock sold off a 41 percent share in Dole so that he could pay off corporate borrowings and debt. The stock was going for $12.50 a share, which is a little under the $13 to $15 a share that the company was looking for. Murdock took Dole private in 2003 and will continue to run the place. From the LAT:

In its prospectus, Dole warned investors that "We are a controlled company, controlled by David H. Murdock, whose interests in our business may be different from yours." "Mr. Murdock and his affiliates will, for the foreseeable future, have significant influence over our management and affairs, and will be able to control virtually all matters requiring stockholder approval, including the election of directors and significant corporate transactions such as mergers or other sales of our company or assets," the Dole filing said. The company also signaled that there would be little chance Dole would become a takeover target any time soon, and that could hurt the value of its shares.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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